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![(Ricardian Model] In the United States (US), producing one pound of cheese requires 2 hour of labor,
while producing one gallon of wine requires 1 hour of labor. In the rest of the world (ROW), producing
one pound of cheese requires 9 hours of labor, while producing one gallon of wine requires I hour of
labor. The United States has 360 hours of labor and the ROW has 1260 hours of labor. World relative
demand for cheese to wine is RD- De/Dw = Pw/Pc.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4891b3d2-4683-4f9c-89dc-4ae3b9918d63%2Fbece68de-51af-4829-aa0d-fcde01baae78%2F3cmd4an_processed.jpeg&w=3840&q=75)
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- East Asian economies have expanded their proportion of global GDP over the last few decades. Likewise, intra-East Asian trade — that is, trade between East Asian countries – has increased as a share of global trade. Furthermore, East Asian countries are growing their commerce with one another. By using gravity model, explain why.The data below are from the economies of Ishgandar and Nonburmia. Ishgandar Nonburmia Year Population GDP Deflator Nominal GDP Year Population GDP Deflator Nominal GDP 1 5 100 $200 1 10 100 $300 2 5 125 $375 2 10 110 $440 (e) Assume that in Year 1 Nonburmia is operating inside its production possibilities curve and that Nonburmia’s production possibilities curve remains unchanged from Year 1 to Year 2. As a result of the change in real GDP from Year 1 to Year 2, does Nonburmia’s economy move closer to or farther away from its production possibilities curve? Explain using numbers for real GDP and state what will happen to cyclical unemployment in the short run.Assume Mexico has the production possibilities to produce either 50 bottles of milk or 50 cartons of eggs using 100 worker hours. If Mexico decides to produce 30 bottles of milk, how many cartons of eggs can it produce? Place the moveable point at the coordinate that shows this production possibility. Make sure that the point's coordinates are exactly correc t.
- Consider the production productivity matrix of two goods from the US and India: United States of America India Labor force 200 800 Labor per unit corn 8 50 Labor per unit automobile 10 40 4. How many units of automobiles will the US produce should it exhaust half of its labor force to produce automobiles? Group of answer choices 20 10 25 Not enough data 5. How many units of automobiles will India produce should it exhaust all its labor force to produce automobiles? Group of answer choices 20 16 25 12Consider the production productivity matrix of two goods from the US and India: United States of America India Labor force 200 800 Labor per unit corn 8 50 Labor per unit automobile 10 40 1. How many units of corn will the US produce should it exhaust all its labor force to produce corns? Group of answer choices 20 16 25 Not enough data 2. How many units of corn will India produce should it exhaust 3/4s of its labor force to produce corns? Group of answer choices 20 16 25 12 3. Between the USA and India, which country has a comparative advantage in the production of automobiles? Group of answer choices India USA None of the countries Not enough data 4. How many units of automobiles will the US produce should it exhaust half of its labor force to produce automobiles? Group of answer choices 20 10 25 Not enough data 5. How many units of automobiles will India produce should it exhaust all its labor force to produce automobiles? Group of answer…The table below shows the possible combinations of consumer and capital goods produced by a country in 2020 using all its available resources and technology. Use the table to answer the question that follow. Possibilities Consumer goods(‘000) in tons Capital goods (‘000)In tons A 0 1800 B 450 1600 C 750 1400 D 1200 1100 E 1350 800 F 1500 500 G 1700 0 (iv) Under what condition will the country produce 1,700,000 tons of consumer goods(v) Using a scale of 2cm to 500,000 on both axes, graphically represent the data above(vi) Indicate on the graph point Q,R,S to represent efficient, unattainable and inefficient output combination respectively (vii) Explain why point R is an unattainable output combination?(viii) Explain why point S is an inefficient output combination
- Subject: Business Economics Q): An economy produced three goods: organ, apple & organ juice. It is assumes that half of the organ are bought & consumed as final good, the other half is used to produce organ juice. In 2019, 20 KG of organ are produced at RS. 50/kg. 40kg of apple are produced at 100/kg, & 25 glasses of organ juice are produced at Rs.200/ glass. In 2020, 40 KG of organ are produced at RS. 80/kg. 60kg of apple are produced at 110/kg, & 30 glasses of organ juice are produced at Rs.195/ glass. Assuming 2019 as base year, Calculate real, nominal GDP & GDP deflator in 2019 & 2020.CAPITAL GOODS A PPC 2 PPC CONSUMER GOODS Suppose that this year, the economy is operating at point A, but then an earthquake destroys more capital than is being produced during the year. On the following graph, the PPC that best describes the Wilshire economy next year is (Note: PPC and PPC are the same as on the previous graph.)In 1980, Denmark had a GDP of 70 billion (measured in U.S. dollars} and a population of 5.1 million. In 2000, Denmark had 3 GDP of 160 billion (measured in U.S. dollars} and a population of 5.3 million. By what percentage did Denmarks GDP per capita rise between 1980 and 2000?
- In its recent report, The Conference Boards Global Economic Outlook 2015, updated November 2014 (http://www.conference-board.org/data/ globaloutlook.cfm), projects Chinas growth between 2015 and 2019 to be about 5.5%. International Business Times (http//www.ibtimes.com/us-exports-china-have rown-294-over-past-decade- 1338693) reports that China is the United States third largest export market, with exports to China growing 294 over the last ten years. Explain what impact China has on the U.S. economy.Retrieve the following data from The World Bank database (http //databank.worldbank. org/data/ home.aspx) for India, Spain, and South Africa for the most recent year available: • GDP in constant international dollars or PPP • Population • GOP per person in constant international dollars • Mortality rate, infant (per 1,000 live births) • Health expenditure per capita (current U.S. dollars) • Life expectancy at birth, total (years)According to Figure 15.4, by what percentage did GDP per capita increase between 1820 and 1995 in North America? Latin America? Africa?
